The global Cloud TV Market 2020 is planning for preparing to surge its investment in funds as it seeks to hit a 12.2% hike target in the face of the economic slowdown caused by the Coronavirus pandemic. The figures are accumulated by Market Research Future that focuses on the study over the Cloud TV market and comes out to be gaining USD 3.25 billion by the end of 2023.
Cloud TV platform is capable of being installed on any device, whether it is mobile phones, television sets, media boxes, tablets, which make it a tool with ease of accessibility. This platform abolishes the necessitate for multiple service providers for cable and the internet, which is one of the crucial selling points obtainable by the OTT service providers.
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The intensifying adoption of 5G technology and mounting advancement in wireless communication is likely to boost the market for cloud TV. Moreover, many Telecom vendors are investing in 5G technology to strengthen cloud TV experience. In the case of point, Nokia and AT&T are collaborating to progress 5G technology in the 39 GHz band, by fixed wireless 5G tests with AT&T’s Internet TV streaming service, DIRECTV NOW. These factors have also been considered to be a growth booster for the market throughout the forecast period.
Television manufacturing companies such as Toshiba Corporation and Koninklijke Philips N.V. have started offering cloud TV apps and solutions pre-installed on smart television sets.
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